We know what you’re thinking. Not another ‘five things’ article. If it’s not the five best EVs to buy, it’s the five best frying pans!
Well, not all ‘five things’ articles are equal, and if you’re thinking of using a mortgage broker, then this is certainly worth reading.
As a Guildford mortgage broker, we’ve had the privilege of hearing a myriad of mortgage broker stories – some good, some bad (and some downright terrible).
So, to help you stay on the good side of things, here are five key things to consider when choosing a mortgage broker.
1. Choice is everything
If you don’t use a mortgage broker, and decide to go it alone, then you’re effectively choosing one lender. If you do go with a mortgage broker, then one mortgage consultation will open the door to multiple lenders and a wide selection of mortgage products. However, not all mortgage brokers’ lenders panels are the same. For you to make just one mortgage consultation with a mortgage broker work as hard as possible for you, it’s worth establishing how big the broker’s panel is. Don’t be afraid to drill down into which lenders they use. And, if their panel doesn’t inspire you with confidence, move on to the next one.
2. The bigger picture
The cost of a mortgage, which is typically defined by interest rates, is undoubtedly important. But it’s not the only thing your chosen mortgage broker should be taking into account. Simply shoehorning you into the cheapest mortgage deal in the UK isn’t necessarily the work of the best mortgage broker. The best mortgage broker should be delving into your life goals (when it comes to finances, of course) and taking time to understand your full financial picture. A mortgage deal that works for you right now but doesn’t in 12 – 24 months might not be the best deal for you, so take time to understand what a good mortgage deal looks like to your broker.
3. Money talk
A good mortgage broker is an honest and transparent mortgage broker. And when it comes to honesty, it’s worth asking how they get paid. Mortgage brokers can generate fees in a number of ways. This may be a flat fee for arranging a mortgage, or it might just be a payment from the lender in return for sending the mortgage applicant their way. Having the money talk up-front is a good way to establish the process and ensure that there won’t be any surprises a little further down the line.
4. A seamless experience
Ever wondered ‘what does a mortgage broker do?’. Well, let’s just say that it’s not just about form filling. A good mortgage broker should take on an investigative role at the outset, in order to understand your complete financial situation. They’ll also establish everything that can be highlighted in order to paint the best picture when it comes to the application, and highlight anything that might work against you (as well as provide advice on how to address it). They’ll prepare and submit an application, and manage all communication with the lender, updating you at every step. Our Surrey mortgage advisers, for example, manage the entire process from beginning to end; all you need to do is attend the initial consultation.
5. Where does it end?
Our team of Guildford mortgage advisers are renowned for offering a lifetime mortgage broker service. What we mean by that is that we don’t just secure a mortgage and then leave you to it. Even when the mortgage is in place we’ll continue to check in with our clients and ensure that they don’t unknowingly default onto the expensive standard variable rate. Once you’re a Complete Mortgages client, you’ll always be a Complete Mortgages client. Not all mortgage advisers work this way.
Looking for a mortgage broker in Guildford? Contact our team of Surrey mortgage advisers by calling 01483 238280 or e-mailing info@complete-mortgages.co.uk.
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